Jones Lang LaSalle Incorporated
- Open
- 311.16
- Day high
- 319.91
- Day low
- 308.92
- Prev close
- 309.95
- Volume
- 36K
- Mkt cap
- $14.8B
- P/E (TTM)
- 16.8
- EPS (TTM)
- $18.99
- P/B
- 2.0
- P/S
- 0.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$240K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Jones Lang LaSalle Incorporated (JLL) is a Real Estate company listed on NYSE. The stock is up 21% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Jones Lang LaSalle Incorporated (JLL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
JLL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $2.88 | $3.43 | +19.1% | $6.4B | +6.5% |
| Feb 18, 2026 | $7.25 | $8.71 | +20.1% | $7.6B | +26.6% |
| Nov 5, 2025 | $4.23 | $4.50 | +6.4% | $6.5B | +0.4% |
| Aug 6, 2025 | $3.20 | $3.30 | +3.1% | $6.3B | +0.3% |
| Feb 19, 2025 | $6.01 | $6.15 | +2.3% | $6.8B | +2.0% |
| Feb 27, 2024 | $3.74 | $4.23 | +13.1% | $5.9B | +182.6% |
| Nov 2, 2023 | $2.35 | $2.01 | -14.5% | $5.1B | +144.2% |
| Aug 3, 2023 | $2.20 | $0.50 | -77.3% | $5.1B | +182.1% |
| May 4, 2023 | $1.69 | $0.65 | -61.5% | $4.7B | +199.3% |
| Feb 28, 2023 | $4.42 | $4.36 | -1.4% | $5.6B | +2.3% |
| Nov 2, 2022 | $4.48 | $3.40 | -24.1% | $5.2B | +0.6% |
| Aug 3, 2022 | $4.30 | $4.48 | +4.2% | $5.3B | +6.2% |
JLL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | Quinlan Larrydirector | Sell | 402 | $301.73 |
| Jun 8, 2026 | Quinlan Larrydirector | Sell | 403 | $295.14 |
| Jun 1, 2026 | Ojeisekhoba Moses Ifidondirector | Grant | 635 | — |
| Jun 1, 2026 | Ju Tina L.director | Grant | 635 | — |
| Jun 1, 2026 | Quinlan Larrydirector | Grant | 635 | — |
| Jun 1, 2026 | Carter Matthew Jrdirector | Grant | 635 | — |
| Jun 1, 2026 | Macaskill Bridgetdirector | Grant | 635 | — |
| Jun 1, 2026 | RIVERA EFRAINdirector | Grant | 635 | — |
| Jun 1, 2026 | Mehta Siddharth Ndirector | Grant | 984 | — |
| Jun 1, 2026 | Gore Susan M.director | Grant | 635 | — |
| Jun 1, 2026 | Patel Jeetendra Idirector | Grant | 635 | — |
| Jun 1, 2026 | MCANENY DEBORAH Hdirector | Grant | 635 | — |
| Apr 10, 2026 | Bloxam Richardofficer: CEO, Capital Markets Services | Grant | 4,082 | — |
| Apr 10, 2026 | Tse Alan Kofficer: Chief Legal Officer | Grant | 2,951 | — |
| Apr 10, 2026 | Ulbrich Christiandirector, officer: CEO & President | Grant | 16,407 | — |
Source: JLL SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full JLL insider & 13F page →Jones Lang LaSalle Incorporated company profile
Overview
Jones Lang LaSalle Incorporated (NYSE:JLL) is a global professional services company founded through the 1999 merger of Jones Lang Wootton and LaSalle Partners. The company went public in 1997 and is headquartered in Chicago, Illinois. JLL has evolved into one of the world's largest commercial real estate services firms, operating across the Americas, Europe, Middle East, Africa, and Asia Pacific regions. The company serves a diverse client base including real estate owners, occupiers, investors, and developers across various property types ranging from office buildings and industrial facilities to specialized properties like data centers and healthcare facilities.
Business
JLL operates in the commercial real estate services industry, providing a comprehensive suite of services that can be categorized into several key business segments: Real Estate Management Services represents the company's largest and most stable revenue source, accounting for approximately 60-65% of total revenues. This segment includes property management services where JLL manages day-to-day operations of office buildings, industrial facilities, retail centers, and residential properties on behalf of property owners. The segment also encompasses workplace management services, where JLL provides integrated facilities management for corporate occupiers, handling everything from maintenance and security to space planning and employee services. Additionally, project management services help clients with construction and renovation projects. Leasing Advisory generates roughly 15-20% of revenues and involves representing property owners in finding tenants for their buildings or representing corporate tenants in finding suitable office, industrial, or retail space. This transactional business is cyclical and depends heavily on overall commercial real estate market activity. The segment covers office leasing, industrial leasing, and retail leasing across global markets. Capital Markets Services accounts for approximately 10-15% of revenues and includes investment sales advisory (helping clients buy or sell commercial real estate), debt advisory (arranging financing for real estate transactions), and equity advisory services. This segment is highly cyclical and sensitive to interest rates, economic conditions, and investor sentiment in commercial real estate markets. Investment Management (LaSalle) represents about 8-12% of revenues through the company's LaSalle Investment Management division, which manages real estate investment funds for institutional investors like pension funds and sovereign wealth funds. Revenue comes from management fees based on assets under management and performance-based incentive fees. Technology Solutions is the smallest segment at roughly 3-5% of revenues, providing software and technology services to real estate industry participants, including property management software and data analytics platforms.
Revenue model
JLL operates multiple revenue models across its business segments. The company generates revenue through management fees, transaction-based commissions, advisory fees, and technology subscriptions. The Real Estate Management Services segment operates on a recurring fee model, charging property owners annual management fees typically calculated as a percentage of property revenues or a fixed fee per square foot managed. This provides relatively stable, predictable cash flows. Workplace management services for corporate clients also generate recurring monthly fees. Project management earns fees based on project values, typically 3-8% of total project costs. Leasing Advisory operates on a commission-based model, earning fees when lease transactions are completed. Commission rates typically range from 3-6% of total lease value for office properties and 4-8% for industrial properties, varying by market and lease terms. Revenue timing can be lumpy as it depends on when deals close. Capital Markets Services earns transaction-based fees, typically 1-3% of transaction value for investment sales and 0.5-2% for debt advisory services. This creates significant revenue volatility based on commercial real estate transaction volumes, which are highly sensitive to interest rates, economic conditions, and investor confidence. Investment Management earns recurring advisory fees typically ranging from 0.5-1.5% of assets under management annually, plus performance-based incentive fees (usually 15-20% of profits above hurdle rates). This segment benefits from growing institutional demand for real estate investment but faces pressure during market downturns when asset values decline. Factors that increase margins include: economic growth driving higher transaction volumes, rising property values increasing management fees, successful technology adoption improving operational efficiency, and market share gains in high-margin services. Margin pressures come from: economic downturns reducing transaction activity, competitive pricing pressure in commoditized services, rising labor costs (the business is highly people-intensive), technology investments requiring significant upfront costs, and regulatory changes in different markets requiring compliance investments.
Competitive moat
JLL's competitive moat is moderate and primarily built on scale advantages, global network effects, and client relationships, though the moat faces ongoing challenges from technological disruption and competition. The company's scale advantages provide meaningful competitive benefits. As one of the world's largest commercial real estate services firms, JLL can spread fixed costs across a larger revenue base, invest more heavily in technology and talent, and offer comprehensive global services that smaller competitors cannot match. This scale is particularly valuable for multinational corporate clients who need consistent service delivery across multiple markets and property types. Network effects strengthen JLL's position as the company's extensive global presence creates valuable information flow and deal sourcing opportunities. The firm's broad client relationships across property owners, occupiers, and investors create cross-selling opportunities and market intelligence that benefits all business lines. However, these network effects are not as strong as those found in technology platforms. Client switching costs provide some protection, particularly in property management and workplace management services where changing providers involves significant operational disruption. Long-term management contracts (typically 3-5 years) create revenue stability and relationship deepening over time. However, JLL's moat faces several challenges. The commercial real estate services industry has relatively low barriers to entry for many service lines, and competition is intense from both large global firms (CBRE, Cushman & Wakefield) and specialized local players. Technology disruption poses a growing threat as proptech companies develop software solutions that could disintermediate traditional brokers and service providers. The cyclical nature of transaction-based businesses limits pricing power during market downturns. Additionally, many services are becoming increasingly commoditized, putting pressure on fees and margins. The company's moat is strongest in integrated facilities management and global corporate services where scale and operational complexity create higher switching costs, but weaker in transactional businesses like leasing and investment sales where relationships and market knowledge, while valuable, can be more easily replicated by competitors.
Risks & safety
JLL presents a moderate margin of safety with manageable debt levels but some cash flow volatility and elevated valuation metrics. Liquidity and Solvency: 1. Cash position of $416 million with current ratio of 1.05, indicating adequate but not exceptional liquidity 2. Debt-to-equity ratio of 0.43 represents manageable leverage levels 3. Free cash flow was $600 million in 2024 but showed significant quarterly volatility, including negative $812 million in Q1 2025 4. Operating cash flow can be volatile due to working capital swings in the transaction-heavy business model Valuation Metrics: 1. EV/EBITDA of 12.7x based on 2024 results appears reasonable for a services business 2. P/E ratio of 22x based on 2024 earnings suggests moderate valuation 3. Price-to-book ratio of 1.78x reflects asset-light business model 4. Graham number suggests potential undervaluation relative to conservative metrics Other Considerations: 1. Cyclical earnings create valuation challenges during economic downturns 2. High employee costs and variable compensation create operating leverage 3. Geographic and service line diversification provides some downside protection 4. Strong market position in essential real estate services supports long-term demand
Recent development
Over the past few years, JLL has pursued several strategic initiatives focused on technology integration, service line expansion, and operational efficiency improvements. The company has made significant investments in artificial intelligence and technology platforms, launching the JLL Partners AI platform and developing dozens of AI-powered tools to enhance productivity and client services. These investments aim to differentiate JLL's service offerings and improve operational efficiency across all business segments. Strategic acquisitions have focused on enhancing technological capabilities and expanding specialized services. Notable acquisitions include Raise Commercial Real Estate to strengthen leasing technology platforms, Skay Power Solutions to expand data center services capabilities, and forming a joint venture with Slate Asset Management to enhance investment management offerings. The company has undertaken significant organizational restructuring, consolidating building management groups under a single segment in 2025 to improve operational synergies and client service delivery. Leadership changes include Karen Brennan's transition to CEO of Leasing Advisory and Kelly Howe becoming the new CFO. JLL has also focused on capital allocation discipline, including a $100 million investment in JLL Income Property Trust to strengthen its investment management platform and provide additional capital for real estate investments. The company has maintained focus on reducing leverage while continuing to invest in growth initiatives. The firm has emphasized resilient revenue streams, particularly growing its workplace management and integrated facilities management services, which provide more predictable recurring revenues compared to transaction-based services. This strategic shift aims to reduce overall business cyclicality and improve margin stability.
JLL company profile · for informational purposes only — not investment advice.
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